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Ripple is moving its wheels faster than the prior years in increasing XRP adoption and also onboarding more customers on its ODL services and the Asian market will be one of the priorities for the company in the nearest future.
Through an interview that was published on June 19, 2020, Adam Traidman the CEO of SBI Ripple Asia, BRD wallet and SBI Mining Chip Co. confirmed that ODL capabilities are going to go full scale in Asia market later this year or early next year.
Among other issues discussed in the interview included the BRD wallet, the newly launched PayID, also the open payment coalition, his role at the SBI Ripple Asia and Mining Chip Co., XRP adoption in the Japanese market, SBI investment in Whinstone Bitcoin mining located cenetr in Texas and much more.
Adam Traidman on ODL Asia Expansion
Ripple Labs is moving its wheels faster than the prior years in increasing XRP adoption and also on-boarding more customers on its ODL services. The company has been advocating for financial institutions to move away from pre-funding accounts in destination currencies to reduce their cost of operations.
RippleNet customers who have been increasing by the day are opting to use the ODL services as the company is proving to assist them to reduce the cost of transactions by 40-60%, which also ensures a fast and secure transaction.
Initially, the company had been in a testing scale to prove the ODL works through the South America cross-border payment corridor. However, on grounds that the testing might be successful, the company is expanding its services to other corridors in the world especially the Asian that carries a lot of retail cross border payments.
“I expect that probably later this year, and into next year, things are going to move into wider spread production. I expect remittance companies that were restricted in growth because they have pre-funding requirements, they have a lot of capital – they are going to have a lot more flexibility,” Traidman said.
XRP Bigger Picture
On merits of regulatory grounds, XRP is still facing a lawsuit that challenges its legality as a digital asset, which is putting away several customers from probably joining the wave. However, with the recent revelation by a former Commodity Futures Trading Commission (CTFC) Chairman Chris Giancarlo, we can presumably conclude that the case will end not against Ripple’s side. Although Giancarlo is no longer the chairman and is currently under Ripple’s payroll, his report argued that XRP does not fulfill the requirement as a security through the Howey Test.
ODL expansion in Asia will see XRP liquidity level rise as its volume will spike on adoption by different financial institutions. Especially at a time when coronavirus is pushing for digital payments. However, a lot will depend on the outcome of the lawsuit facing XRP.